Amendment in Sec.76

[Admin TMI]

Question - what are amendment proposed in Sec.76 in Finance Bill 2015 ?

AI Summary

Finance Bill 2015 amends Section 76 to cap penalties at 10% for non-fraud cases; payment incentives outlined. Section 76 of the Finance Bill 2015 is being amended to adjust penalties in cases without fraud, collusion, or intent to evade service tax. The amendments propose that penalties should not exceed 10% of the service tax amount. No penalty is required if the service tax and interest are paid within 30 days of a notice. A reduced penalty of 25% of the imposed penalty is allowed if paid within 30 days of the order. If the service tax amount is reduced in appellate proceedings, the penalty is adjusted accordingly, with the reduced penalty benefit still applicable.